BTCUSD - Bitcoint in Bearish Configuration

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
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I have been highlighting this for some time that Bitcoin is in EW terms in a Flat Correction which is referred to as 3-3-5.

In my chart I suggested that with a possible up side to 1250 for double top but was also accepting 1100 zone as possible top which is 88.6% retracement of the move from 450 low - check the chart

I subsequently explained in the live sessions the potential implication of the forthcoming decline which I gather is not welcomed by many traders but might be hard lesson to learn.

The recordings are available on you tune if you wish to check them out for more details.

Here are the links https://www.youtube.com/watch?v=7XB2CDRQJxo and https://www.youtube.com/watch?v=Pw_SLXb893w

Whilst it not possible to plot out exact path of the price to possible 450-300 area, in this chart I am suggesting potential course of the price with free hand sketch to suggest overall directions and not necessarily exact levels. Also some time symmetry suggest continued decline to back end of January at least.
You should set up a bitcoin donation address. I'm sure a lot of us would not mind sending u some bitcoin if your predictions play out.
Thanks mate, I appreciate it. I will need some help to set it up. But very nervous about it not knowing enough. But with some help Might organise something.
Hi Dan, we might right back in that bullish channel from your previous chart. If so, we have one more run up before testing lows again.
Another Bearish Idea?! :D , Okayyy
People Please Take a Look at 3D chart in bitcoinwisdom.com and see for yourself if it appears anything bearish to you or not!!! :D
This is just a Normal Touching of one and only retracement the Previous Fall had (visible in bitcoinwisdom.com 3D chart) here is the link http://i.imgur.com/GSwgIbc.jpg
I Know that this is hard lesson, first we have to publish an idea and then encourage people to make it true?! i'm sure it is hard you know http://imgur.com/F97NhRh
You spend too much time on cryptos these days, don't you?
Nothing personal Dan but the thing you are doing is what goverments are after you know, collapsing the cryptos.
Jozzaboy HosseinMansouri
lol, you are a joke.

Yea, keep cherry picking timeframe like 3days and 5 days 2 hours.
LOL, but certainly not more joke than you,
At least i have something to back it up, what do you have 7 months with 1 published chart?!
here is the daily, and not the CHERRY PICKED 3D from your point of view TRADER
and by the way i don't use 5Days chart and i don't have any published chart in that timeframe
Jozzaboy HosseinMansouri
Looks like you are emotionally attached. Well, i guess only time can teach you a lesson.

Of course in long term everyone is bullish, but DanV is talking about immediate short term timeframe.

And the daily chart you linked reeks 'Get the fuck out of your long'. You'd be an idiot to still yell/advocate 'Long' at this point.

I don't publish charts. I don't think I am yet competent enough to publish them. I looked at your charts, i think you need a couple dozen more indicators bro. The ones you have there aren't enough. :s
Drop from 900 to 300 (600$) intermediate short-term trend?! really?! :D
I Agree Time is the Best Teacher.
About the Indicators, you mean i have to reduce them to this

Thanks but no Thanks, Good Luck with your Trading Tools ;)
Using Them I Traded Without Even One Lose So Far.
And on that Daily Chart we are above all the Most Widely Used EMAs, and yet it Cries for Sell?!! yeah, right, and if you are talking about that StochRSI, you better look at StochRSI on higher timeframes too, but as you only trade on 15M, you won't, so stick with that short position of yours.
Jozzaboy HosseinMansouri
Read the description. It says 'test'. I never meant to publish that chart, I've never used that setup. As I said I DO NOT publish charts. That was a test chart I published when I first signed up on this site.

You use StochRSI. That alone says how amateur / insignificant your opinion is.
One time you say i use too much indicators and another time you say i only use StochRSI?!
Jozzaboy HosseinMansouri
When did I say ' you only use StochRSI?!' ?
Your Last Comment:
"You use StochRSI. That alone says how amateur / insignificant your opinion is."
Jozzaboy HosseinMansouri
Yea, I said you use StochRSI. That fact alone tells me you've are new to the game. You do not comprehend EW, or trading in general, you are simply a Pig who learned about trading after you joined the BTC bandwagon.
First, you are the pig here, you just don't know it, time is the best teacher as you have said it yourself,
and i am in bitcoin business since 2011, and my mining account is still active in deepbit.net
even my account is from 6 months ago
Jozzaboy HosseinMansouri
ok, gl.
Jozzaboy HosseinMansouri
Hi Dan, value your analysis for forex and other instruments(and bitcoin is not one of them), Could you pls come back to your normal instruments. Seems like you are only focusing on bitcoin now a days! Thank You.
DanV MOD trends2trade
HI thanks for your comments. I do Forex as you know. Have posted some charts may be you missed them. If you wish connect with me at tradingcharts4wealth@gmail.com.. Thanks.
UPDATE:- After forming a top around 1090 and drop, at the time it appeared as though the Wave B of "A" & "B" Flat was likely complete, and as such we were expecting clear 5 wave decline to complete Wave "C" of this 3-3-5 Correction with downside target of at least 450.

However, the downside momentum seems to be running out in that case we could move up to 1100-1200 zone and could still be in Wave "B" which is not yet finished..

In this case, I see a possible Pattern that might resemble Like Mother & Baby or and Echo wave of the larger earlier wave, before the expected 5 wave decline would occur on completion.

This might then also meet the 90% retracement rule of wave "A" required for typical flat.

The main 3-3-5 Correction of the 1250 high still remains as most likely outcome of this with wave "C" downside target of 450.

Links to Youtube videos explaining the concept of 3-3-5 are



Will update this as and when appropriate.

For those of you who have been asking for link to my wallet for donation, here it is

Hi Dan, the market starting to drop,
are we in wave c already?

I think this is rather complex leg up and is not complete from what I see. So further upside is still expected before the wave c to the downside commence.
Give it a few days before ruling out this drop
eYou DanV
Hi Dan,

I really appreciate your detailed charts and updates! Thank you very much for your work and enthusiasm. You do a great job.

Can you please post a short update about your latest chart BTC/USD? What's your opinion on the recent pattern?

Do you still expect an upside move to 1100 - 1200 zone (continuation pattern)?

Or are we going to see a breakout down (descending triangle Mt Gox - Bitstamp or symmetrical triangle on Huobi China)?

Thank you very much!

Rgds, Herbert
Hi Thanks for your appreciation. I am posting an update to this in a sec.
From the time I published this chart it appeared that I top was in and that all was set for strong decline. That did not play out. So I posted an update showing more complex pattern that still has another leg up to retest 1100 zone or letter higher before the strong leg don anticipated will unfold. Well That complex pattern still in progress. So here is the chart showing the upward correction is now approaching a point for final leg up to 1100 zone in the interim. Once complete still expecting that strong move to 450 zone is on card for now.
Excellent as always great work !
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